Quanta Services Inc. (NYSE:PWR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Over the past one year, shares of Quanta Services have significantly outperformed the Zacks categorized Engineering/R&D Services industry's return. However, Quanta Services has a choppy earnings beat history, having missed estimates twice over the four trailing quarters. The company is grappling with numerous headwinds, including harsh weather, project losses and delays, weak revenues and margins in the oil and gas segment and stiff competition. However, the company is seeing strong momentum in large pipeline projects and the Oil and Gas Infrastructure segment. The company expects increasing activity in large high voltage electric transmission projects in the near term, which can unlock great growth opportunities. Strong presence in the mainline pipe markets, lucrative project wins and robust backlog levels are likely to drive its profitability in the coming quarters.”
A number of other analysts have also recently weighed in on the stock. KeyCorp boosted their target price on shares of Quanta Services from $32.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 29th. Avondale Partners lowered shares of Quanta Services from an “outperform” rating to a “market perform” rating in a report on Friday, November 18th. Robert W. Baird upgraded shares of Quanta Services from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $30.00 to $40.00 in a report on Tuesday, November 15th. TheStreet upgraded shares of Quanta Services from a “hold” rating to a “buy” rating in a report on Thursday, November 3rd. Finally, Stifel Nicolaus lifted their price target on shares of Quanta Services from $28.00 to $32.50 and gave the stock a “buy” rating in a report on Friday, September 23rd. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $29.50.
Shares of Quanta Services (NYSE:PWR) opened at 34.28 on Tuesday. The company has a market cap of $5.18 billion, a PE ratio of 51.55 and a beta of 0.67. The company has a 50 day moving average of $34.74 and a 200-day moving average of $28.95. Quanta Services has a 52-week low of $16.77 and a 52-week high of $36.85.
Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, November 3rd. The company reported $0.55 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.55. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.08 billion. Quanta Services had a net margin of 1.42% and a return on equity of 5.53%. The company’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.30 earnings per share. Analysts forecast that Quanta Services will post $1.53 EPS for the current fiscal year.
In other news, EVP Randall C. Wisenbaker sold 4,500 shares of the company’s stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $35.00, for a total transaction of $157,500.00. Following the transaction, the executive vice president now owns 35,693 shares in the company, valued at $1,249,255. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in PWR. Cetera Advisor Networks LLC bought a new position in shares of Quanta Services during the third quarter valued at $201,000. Cullen Capital Management LLC bought a new position in shares of Quanta Services during the third quarter valued at $211,000. Laurion Capital Management LP bought a new position in shares of Quanta Services during the second quarter valued at $213,000. Investment Counselors of Maryland LLC raised its position in shares of Quanta Services by 6.8% in the third quarter. Investment Counselors of Maryland LLC now owns 7,701 shares of the company’s stock valued at $216,000 after buying an additional 490 shares in the last quarter. Finally, Wellington Shields Capital Management LLC bought a new position in shares of Quanta Services during the third quarter valued at $223,000. Hedge funds and other institutional investors own 90.62% of the company’s stock.
Quanta Services Company Profile
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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